A bright spot in the forecast continues to be the multifamily market. Life companies in particular were bullish on apartments, making them the most active lender (behind the government agencies) as well as a prominent player in the multifamily bridge loan market.

“The bridge lending space is already (very) active and a pretty saturated group,” said Link. But what distinguishes life companies is that their strategy will continue to focus on “competing for higher-quality assets and pricing their money accordingly,” Link continued.